Posted by Becca_FL on 7/16/07 5:39pm
Msg #200152

Is this bizarro NotRot?

Am I in the Twilight Zone?

What the heck is up with kudos to NREIS, NotaryPro and even DCI? I'm not going to tell anyone how to run their business, but $75 and $90 edoc closings? You're happy with that? Get real people. The el cheapo newbies and hobbyist are running this business into the ground.

Some days this board makes me want to vomit...today is one of those days.

Reply by LC/AZ on 7/16/07 6:06pm
Msg #200164

I don't think $185 for a 1st & 2nd is bad. Am I wrong?

Reply by Merry_CA on 7/16/07 6:20pm
Msg #200167

Re: 1st & 2nd for $185?

My rate is a little less than double that. But... I charge for paper, toner, gas, faxing, copying, upkeep on auto and equipment used for my business, etc. Others may not want to consider these items as they tend to get in the way of flying out the door to make that $50-$85 they didn't have when they woke up this morning.... but that is not the thinking that will build a successful business...

Reply by LC/AZ on 7/16/07 6:34pm
Msg #200168

Re: 1st & 2nd for $185?

I've been doing this for three years, so I don't know if I'm still considered a newbie or not. I get steady business from two Title companies, and that, also, is about the average pay I get from them for a lst & 2nd. Maybe I should raise my rates?

Reply by Becca_FL on 7/16/07 7:50pm
Msg #200188

Re: 1st & 2nd for $185?

LC, if you don't value what you do no one will. Three years? Take a business class or visit your local SBA.

Reply by LC/AZ on 7/17/07 9:16am
Msg #200266

Need to clarify prices

Average is $200 from one Title company (e-docs) and $185 from the other. (No e-docs) This is for a 1st & 2nd.

Reply by Philip Johnson on 7/16/07 10:42pm
Msg #200210

Have you figured your costs and your margin?

If you have and you know that you are making money, no you're not wrong. This is a local business and one has to stay in competition, yet make sure they are making money. To have someone from back East or California tell you that you are more or less giving your services away or that you need training to succeed is crazy. You know your market, you know what you need to do to flourish go ahead run your business and live your life. Good luck.

Reply by Sherri_mo on 7/16/07 6:17pm
Msg #200166

I have never worked for Notarypro or DCI. but as for NREIS, I don't share your concern as they have always been negotiable with me on fees. My last closing was $xxx more than what your are quoting.

Reply by KathiAZ on 7/16/07 6:56pm
Msg #200173

Maybe it is Arizona, I turned down a Reverse Mortgage last week, edocs, they would pay $125 max.

Reply by JanetLA on 7/16/07 6:57pm
Msg #200175

NREIS-Cheap

I agree that the praise for them is strange. I was turned down today because I would not accept $65 for overnight docs in another parish (county) that is over 30 minutes each way at best. They were not happy that I wanted $xxx for the signing... even tried to tell me that it was "overnight docs and will not take that long and their other closers do it for that price all the time." My response was simply that "I am sorry for them, but perhaps you should hire them for this one as well."

Reply by Murial/NV on 7/16/07 7:47pm
Msg #200186

Re: NREIS-Cheap

I was turned down for a refi overnight because I wanted to charge 65.00. I too have been signing for over 5 years now. I think 50.00 is a little cheap for a refi. Until all Notaries in one geographic location get together and agree on pricing there will always be a problem. Notaries will say they only high ball it, but this is not true because someone in my area is definitely taking these low ball jobs. I try to be choosy.

Reply by Becca_FL on 7/16/07 7:54pm
Msg #200191

Re: NREIS-Cheap

>>>Until all Notaries in one geographic location get together and agree on pricing there will always be a problem.<<<

That's called price fixing and is illegal.

All I'm asking is that you be smart and responsible when it comes to setting your prices. Do the math, decide what your worth is and stick to it.

Reply by TRG_wy on 7/16/07 8:07pm
Msg #200194

Re: NREIS-Cheap

If they got together and agreed that $50, $65, or $75 was too low BUT didn't set a firm agreed price of say, $100 only by all, that is not price fixing.

If their fees were more inline by $1 to $10 and not a difference of say $40 or more then it is ok. You are providing the same service for a reasonable fee so it is only "reasonable" that the fee be in the same ballpark.

Reply by Kevin/Ct on 7/17/07 10:13am
Msg #200286

Re: NREIS-Cheap

Not true. The courts have ruled that there need be no formal agreement in place. The simple wink of an eye or nod of the head that communicates an understanding that services will not be rendered for less thn a certain amount of money is also price fixing. Even an agreement for all signing agents not to reduce their prices even if they differ from each other qualifies as price fixing. The objective is to foster competition and reduce restraints to trade.

Reply by Rachel/ORWA on 7/16/07 8:09pm
Msg #200195

I've got you all beat...

I received a call 2:10 p.m., this afternoon, for a 3:30 p.m. closing, edocs. I quoted my fee and the response was, "we normally pay $60." The location was 30 minutes from me, and to my knowledge, there's noone closer. Someone apparently accepted it, however, because they haven't called me back. (Nation's Direct, for those who are interested.)

Reply by Charles_Ca on 7/16/07 9:21pm
Msg #200204

Look who's praising and consider the source! n/m

Reply by Teddog/CO on 7/16/07 11:22pm
Msg #200222

Well Charles you know what they !

"No sense, no feeling." Hey, we've all discussed "the cost of doing business" at least a zillion times on NotRot. And people wonder why "the old folks" just NotRot one in a purple moon. Go Figure.
Have a great week kiddo.

Reply by Lisa Prestegard on 7/16/07 9:58pm
Msg #200207

Becca, there aren't many people that understand "perceived value" when it comes to their own business services. You can lead a horse to water, and all that.
Sadly, the NSA's that are hobbyists (they don't rely on the income derived from their signings to pay a mortgage, feed their children or keep the lights on) will continue to take $65 edoc signings... all the while not considering the damage they perpetuate. Damage to our profession, damage to the consumer (Borrower) through ignorance and damage to the hard working folks trying to eek out an actual LIVING as an NSA.
I stick to my fees, and even the notorious low-ballers will occassionally pony-up the jack for me to fix the mistakes made by a notary 'on-the-cheap'. LandAm OSS, for example, agreed to my fee just this evening for exactly that reason.
As for the praises being sung here on NotRot for jackbag companies, let's just consider the source and hope the respective Notary "cheaps" themselves right out of the business

Reply by ZeeCA on 7/16/07 10:02pm
Msg #200208

I realize that there is Saks and there is Wallmart... but for all you taking the cheap......

think about this.........Walmart might have low prices but they make a ton of $$$$ every year... and it is not just done on volume... they negotiate to BUY at such a good price that their PROFIT per sale is significant...... but if you are just taking the cheap, low balls you will not make more than a dime...

jmo

Reply by MichiganAl on 7/17/07 4:11am
Msg #200237

Regarding perceived value

I had a challenging signing last week. Borrower had a bait and switch pulled on him about six months ago, so he was determined to go over everything with a fine tooth comb this time. I did what most of us would do, I was patient, understanding, thorough. When we were done, he asked me how much I make for a signing. Of course I wouldn't answer, but he stated that if I was charging less than $300 - $400, I was undercharging for my services. A good reminder that some people do highly value our services. Unfortunately, not everyone sees it that way. I turned down a $40 signing today. I made a reasonable counteroffer, and got the usual "I'll call you back if I can get that approved." Of course they never called back, so I'm sure some business genius took the $40 and used it to buy a half a tank of gas.

To further illustrate, I have a company that I do signings for a few times a month that called me last month and asked me to cut my fees. Their owner felt that the fee they were paying was a little too much. I like these guys a lot. Good company, good people, simple appointments. But my fees are my fees for a reason. I know the value of my service, and I explained what was involved in my fee determination. I knocked $5 off my fee as a good will gesture, but I just don't feel that it would have been a smart business decision to go any lower. Today I got a call from another company that handles the exact same loans from the exact same lender out of the exact same office. It's the same package page for page. The fee they offered me was $35 more then my other company pays. When I got to the signing, I discovered that the borrower was married, even though the docs showed him as single. I called and informed them of this, they had me add the spouse to the mortgage, RTC, TIL, and said they would add $25 more to my fee for the additional work ( I did not ask for any additional fee). Interesting how differently our services are valued. But frankly, I think we're wasting our breath. Every year a new crop shows up determined to work for pennies, a year later they're out of the business, and a new crop of entrepreneurial wannabes arrive to take their place. C'est la vie.

Reply by Marisa Ortega on 7/16/07 11:16pm
Msg #200219

As someone who has been a notary for a few years, but just starting as a a loan signing agent I thought I had to accept low payments for my lack of experience. I follow the need to support that who make a living with this career and believe that there should be some uniformity. Do you think I can insist on a higher price while being a newbe?

Reply by Lee/AR on 7/17/07 12:27am
Msg #200228

Yes. You may be 'new', but your expenses are the same as mine...or anybody else's (more or less). The 'cost of doing business' doesn't change due to experience. Does a 'new' & qualified abstractor, appraiser, dentist, doctor, auto mechanic, bus driver...well, you get my point. Plus you're not 'new' to being a Notary...just to loan signings. Which is a lot more than many can claim. Don't sell yourself short.

Reply by BrendaTx on 7/17/07 8:15am
Msg #200246

New businesses don't open their doors with low prices just to sell at a loss. If you have a product that sells at a loss in retail you have others to compensate for.

Price yourself at a profit or price yourself straight down the tubes.